ConocoPhillips, ADM Strike Biofuels Deal

ConocoPhillips and Archer Daniels Midland will collaborate on research aimed at developing biocrude, a nonpetroleum substance derived from agricultural waste and forestry products that can be processed into transportation fuels. ADM, the biggest U.S. ethanol producer, will provide biomass from crops, wood, or switchgrass. ConocoPhillips, the nation's third-largest oil company, will convert the materials into biocrude, which will then be refined into gasoline, diesel, and jet fuel. Each company has committed $5 million for research to be conducted over five years in their own labs as well as those of university-based partners.